TIMELINE-How the Libor scandal unfolded

Dec 19 (Reuters) - Libor, the London interbank offered rate,
is a global benchmark for interest rates on everything from
credit cards to trillions of dollars in financial derivatives
and is at the heart of a scandal over rate rigging.

Libor rates are based on daily estimates from a group of
banks as to how much they would expect to pay to borrow funds
from each other for a range of currencies and periods.

This is how the scandal unfolded.

1986 - The British Bankers' Association (BBA) publishes the
first official Libor rates in dollars, sterling and yen, meeting
demand for global benchmarks from financial markets.

2007 - Barclays alerts U.S. regulators about its
concerns that other banks are submitting dishonestly low
interbank rates.

Sept. 2008 - Libor rates spike after the collapse of Lehman
Brothers at the height of the global financial crisis. Rate
setting at the time is central to investigations of rigging.

2010 - Britain's Financial Services Authority (FSA) launches
an investigation into Barclays as part of a global probe into
the industry over allegations of interest rate manipulation.